投資人有限注意力與公司規模之研究

近年來，行為財務已成為一門顯學，對於傳統效率市場有不同詮釋，本研究探討「有限注意力」對投資人股票買賣行為之影響，市場中哪些因素與有限注意力相關，而這些因素對於投資人投資行為是否會造成實質的影響。本研究以台灣股票市場的上市電子類股為研究標的，並建構市場關注度指標來衡量投資人注意力。實證結果顯示，公司規模對投資人注意力呈現顯著負相關，在控制了交易量、負債比率、法人持股及股價淨值比等公司特性變數後，公司規模對投資人注意力仍維持負向影響，顯示投資人對於小規模公司仍具有較大的關切程度。

關鍵字

有限注意力；公司規模

並列摘要

In recent years, behavioral finance has become a prominent learning and has different interpretations for traditional efficiency markets. This study explores the impact of “limited attention” on investors’ stock trading behavior. What factors in the market are related to limited attention, and these factors are whether or not human investment behavior will have a material impact. This study uses the listed electronic stocks in the Taiwan stock market as the subject of research, and constructs market attention indicators to measure investor attention. The empirical results show that the firm's scale has a significant negative correlation with investors' attention. After controlling the firm's characteristic variables such as trading volume, debt ratio, institutional investors’ holdings and price-book ratio, the firm's scale remains negatively affected by investors' attention. It shows that investors still have great concerns for small-scale companies.